Gold futures are down 1.4% at $1,717, and since hitting a 2012 high of $1,796 on Oct. 4, have been as volatile as the rest of the broader market. But this morning’s swift drop at the open caught people off-guard.

Dow Jones’ Tatyana Shumsky posted the following on the wire this morning:

A flurry of sell orders wiped $20 from the price of gold in the opening minute of Comex floor trading, sending December futures toward $1,710/troy ounce. More than 13,000 contracts changed hands during that first minute.

“Gold is one of the most-emotional markets out there,” notes RJO Futures’ Bob Haberkorn. “When there’s a panic, that can be an opportunity to come in and buy.”

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